Rise in Investment in Renewable Energy Projects to Boost North America Electric Insulator Market Growth
According to our latest study titled “North America Electric Insulator Market to 2031 – Country Share, Trend, and Growth Opportunity Analysis – by Type, Material Type, Voltage, Application, and End User,” the market is projected to grow from US$ 3.48 billion in 2023 to US$ 5.51 billion by 2031; it is estimated to register a CAGR of 5.9% during 2023–2031. The aging grid and transmission infrastructure is one of the factors contributing to the growing North America electric insulator market size.
North America is home to some of the most abundant solar, wind, hydro, geothermal, and biomass resources on the planet. The region relies heavily on renewable energy for large-scale electricity generation, particularly hydropower. According to IRENA, in Canada, 63% of electricity is generated by hydropower, and some of the dams are over a century old. Similarly, the US is home to famous hydropower projects such as the Hoover Dam, built on the Colorado River. To further increase the power generation from renewable energy, governments of various countries in North America are taking various initiatives. For instance, according to the new Clean Energy Investing in America report, in July 2023, ~US$ 270 billion investment has been made for utility-scale clean energy projects and manufacturing facilities. This investment will further increase solar module production by ninefold and increase grid-scale battery storage by more than fifteenfold. Similarly, in November 2023, the government of Canada and Manitoba announced a joint investment of US$ 350.35 million (CAD 475.6 million) to strengthen the clean electricity grid of Manitoba. Out of this federal-provincial investment, US$ 231.31 million (CAD 314 million) will be invested in 8 new hydroelectric turbines at the Pointe du Bois Generating Station and US$ 119.04 million (CAD 161.6 million) will be invested to build a new 230-kilovolt transmission network in the Portage la Prairie area. Hence, the rise in investments in renewable energy projects increases the demand for electric insulators as these insulators are used to block the movement of electric charges, thus preventing the transfer of electricity between conductive materials. Further, the expansion of transmission and distribution infrastructure is expected to bring new electric insulator market trends in the coming years.
North America Electric Insulator Market
North America Electric Insulator Market Size and Forecast (2021-2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Pin Insulator, Suspension Insulator, Molded Insulator, and Others), Material Type (Ceramic, Composite, Glass, and Others), Voltage (Medium, High, and Low), Application (Cable, Transformer, Switchgear, Busbar, Surge Protection Device, and Others), End User (Utilities, Industries, and Others), and Geography
North America Electric Insulator Market Trends, Share by 2031
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The North America electric insulator market analysis has been carried out by considering the following segments: type, material type, voltage, application, and end user. Based on type, the North America electric insulator market is segmented into pin insulators, suspension insulators, molded insulators, and others. Based on material type, the market is segmented into ceramic, composite, glass, and others. In terms of voltage, the market is segmented into low, medium, and high. By application, the market is classified into transformers, switchgear, busbars, cables, surge protection devices, and others. Based on end-users, the market is segmented into utilities, industries, and others. The utilities segment held the largest North America electric insulator market share in 2023.
The scope of the North America electric insulator market report is primarily divided into the US, Canada, and Mexico. The US accounted for the largest North America electric insulator market share in 2023. According to the US Energy Information Administration, the total electricity consumption in the US in 2022 was ~4.07 trillion kWh. As the country is witnessing a continuous rise in electricity consumption, the US government is taking various initiatives to cater to this demand. For instance, in October 2023, the US government announced an investment of US$ 3.46 billion for 58 projects across 44 states of the country to strengthen electric grid resilience and reliability. This funding is done under the President's Bipartisan Infrastructure Law, under which these projects will use more than US$ 8 billion in federal and private investments to deliver affordable and clean electricity. Furthermore, according to the Preliminary Monthly Electric Generator Inventory report, the developers and power plant owners are working on various plans to add 62.8 GW of new utility-scale electric-generating capacity in 2024. This will lead to the addition of 55% more added capacity than the 40.4 GW added in 2023. Such initiatives by the government and power plant owners are expected to propel the demand for electrical insulators in the US, fueling the growth of the market.
Hitachi Energy Ltd; Hubbell Inc.; MacLean Power LLC; TE Connectivity Ltd; Lapp Insulators Group; Powertelcom; Power Grid Components Inc.; Peak Demand Inc.; Victor Insulators, Inc.; and CK Composites Co., LLC are among the key players profiled in the North America electric insulator market report.
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